J.B. Hunt Transport Services Inc. of Lowell reported second-quarter net income of $97.9 million, down nearly 7 percent from the same quarter last year, and earnings per share that missed analysts’ expectations.
Shares of the logistics company (Nasdaq: JBHT) dropped about 2 percent in pre-market trading but rebounded by mid-morning, up about 2 percent to $93.92.
The company said second-quarter earnings per share was 88 cents, less than the FactSet consensus of 91 cents and down from 92 cents in the same quarter last year.
Total operating revenue was $1.73 billion, up 7 percent from $1.62 billion in the same quarter last year. Operating income was $164 million, down about 7 percent from the same quarter last year.
In a news release, the company said the benefits of volume growth and revenue producing truck counts were offset by a host of higher costs, including start-up costs associated with new Dedicated Contract Services contracts, driver wages, driver recruiting costs, and equipment and facilities maintenance costs.